AS SBM PANK                    FINANCIAL RESULTS                    31.10.2005



FINANCIAL RESULTS OF AS SBM PANK 9 MONTHS 2005



AS SBM Pank has set a goal to grow 2 times each year, and continues to make

investments and expenses aimed primarily at improvement of customer service.

Bank’s total assets have grown more than 1.5 times from the beginning of the

year, reaching EEK 277.7 million as of 30.09.2005. Loan portfolio totalled EEK

202.9 million (growth from the beginning of year 2.1 times), 73% of total

assets. 56.0 million kroons, i.e. 20% of total assets was kept in liquid

instruments as cash, in central bank and in credit and financial institutions.

Customer deposits in the bank totalled 134.4 million kroons (increase 66%

compared with 31.12.2004). 25% of deposits belonged to financial institutions,

1% to non-profit organizations, 34% to companies and 40% to private persons.

Bank issued more bonds in 3rd quarter, resulting in outstanding debt

certificate liabilities of 41.9 million kroons as of 30.09.2005 (15.1% of

balance sheet total).

As per decision of the TSE Listing and Surveillance Committee dd. 14.07.2005,

3572 bonds of AS SBM Pank (SBMB047507, ISIN- EE3300075605) are also listed in

the bond list of Tallinn Stock Exchange from 22 July 2005.



Net interest income of AS SBM Pank comprised 7.63 million kroons, earned

mostly on loans. Net fee income was 2.96 million kroons. Dealing profits

accounted for 1.24 million kroons. Operating profit for 9 months of 2005 was

11.83 million kroons. Administrative expenses for 9 months totalled EEK 13.49

million. Net loss for 9 months was 3.59 million kroons.



Bank’s equity totalled 99.2 million kroons as of 30 September 2005 and capital

adequacy ratio stood at 42.86%.





Income Statement

(unaudited, thousands)



                                 9       9       9      9

                            months  months  months months

                              2005    2004    2005   2004

                               EEK     EEK     EUR    EUR

Interest income             10 183   6 542     651    418

From loans                   9 320   5 782     596    370

From deposits                  827     642      53     41

From debt securities and        36     118       2      8

other fixed income

securities

Interest expense             2 555     455     163     29

From demand deposits           252      12      16      1

From time and saving         1 518     443      97     28

deposits

From debts evidenced by        785       0      50      0

certificates

Net interest income/expense  7 628   6 087     487    389

(+/–)

Net profit/loss from             0       0       0      0

financial investments (+/–)

Fees and commissions income  3 718   1 202     238     77

Fees and commissions           756     374      48     24

expense

Dealing profits (+/–)        1 243   1 754      79    112

Profit/income                1 639   1 786     105    114

Loss/expense                   396      32      25      2

General administrative      13 493  10 369     862    663

expenses

Salaries and compensations   5 258   4 580     336    293

Social taxes, unemployment   1 747   1 531     112     98

insurance premium expense

Other administrative         6 488   4 258     415    272

expenses

Value adjustments (+/–) of   - 966   - 406    - 62   - 26

investments in land and

property, fixed and

intangible assets

Loss/expense                   966     406      62     26

Value adjustments of loans       0       0       0      0

and advances (+/–)

Value adjustments of             0       0       0      0

financial fixed assets

(+/–)

Other operating income           0       0       0      0

Other operating expense        961     848      61     54

Extraordinary gains              0       0       0      0

Extraordinary losses             0       0       0      0

Income/loss before taxes    - 3 587 - 2 954   - 229  - 189

(+/–)

Income tax expense               0       0       0      0

Profit/loss for the period  - 3 587 - 2 954   - 229   -189

(+/–)









Balance Sheet

(unaudited, thousands)



                            30.09.  30.09.  30.09. 30.09.

                              2005    2004    2005   2004

                               EEK     EEK     EUR    EUR

Cash                           422     295      27     19

Balances with central bank  28 911   8 600   1 848    550

Demand loans                28 911   8 600   1 848    550

Loans to credit             17 925  21 485   1 146  1 373

institutions

Demand loans                17 925  21 485   1 146  1 373

Loans to clients            211 583 121 198  13 523  7 746

 incl. overdrafts                0       0       0      0

 incl. loans with mortgage  78 535  47 696   5 019  3 048

  collateral

Claims to financial          8 704   4 379     556    280

institutions

Demand and time loans to     8 704   4 379     556    280

financial institutions

Loans to other enterprises  171 231 105 836  10 944  6 764

Loans to private persons    31 648  10 983   2 023    702

Allowance for uncollectible      0       0       0      0

loans (minus)

Securities                     561   3 005      36    192

 incl. repo                      0       0       0      0

Debt securities and other        0   3 005       0    192

fixed income securities

Shares                         561       0      36      0

Other shares                   561       0      36      0

Intangible assets              690     194      44     12

Fixed assets                 4 114   3 223     263    206

Investments in land and          0       0       0      0

property

Other assets                 5 819     580     372     37

 incl. items in                  0       0       0      0

transmission

Accrued revenue and prepaid  7 722   4 322     494    276

expenses

 incl. interest receivable     690     551      44     35

Total assets                277 747 162 902  17 751 10 411

Amounts owed to central          0       0       0      0

bank

Amounts owed to credit           0       0       0      0

institutions

Amounts owed to customers   134 425  62 182   8 591  3 974

Amounts owed to government     649       0      41      0

Central government             649       0      41      0

Demand deposits                649       0      41      0

Amounts owed to financial   33 569  23 493   2 145  1 501

institutions

Other financial             33 569  23 493   2 145  1 501

institutions

Demand deposits                 22      23       1      1

Time deposits               33 547  23 470   2 144  1 500

Amounts owed to other       45 397  13 584   2 901    868

enterprises

Demand deposits              8 549   2 782     546    178

Time deposits               36 848  10 802   2 355    690

Amounts owed to non-profit   1 188      20      76      1

organisations

Demand deposits                113      20       7      1

Time deposits                1 075       0      69      0

Amounts owed to private     53 622  25 085   3 427  1 603

persons

Demand deposits             25 622  22 566   1 638  1 442

Time deposits               28 000   2 519   1 790    161

Borrowed funds from              0       0       0      0

government and foreign aid

Debt certificate            41 855       0   2 675      0

liabilities

Debts evidenced by          41 855       0   2 675      0

certificates

Other liabilities              111     753       7     48

 incl. items in                111     753       7     48

transmission

Accrued expenses and         2 117     921     135     59

deferred income

 incl. interest payable      1 438      88      92      6

Provisions for liabilities       0       0       0      0

and charges

Subordinated liabilities         0       0       0      0

Total liabilities           178 508  63 856  11 409  4 081

Subscribed capital          100 000 100 000   6 391  6 391

Share premium account            0       0       0      0

General banking reserve          0       0       0      0

Revaluation reserve              0       0       0      0

Other reserves                 271     230      17     15

Retained earnings            2 555   1 770     163    113

Profit/(-)loss for the year - 3 587 - 2 954   - 229  - 189

Treasury stock                   0       0       0      0

Total equity                99 239  99 046   6 343  6 330

Total liabilities and       277 747 162 902  17 751 10 411

equity



Public Interim Report III Quarter 2005 is available in full on the web home

page of AS SBM Pank <a href='http://www.sbmbank.ee/' target='_blank'>http://www.sbmbank.ee/</a> , under heading Financial Reports.





Sven Raba

CFO

phone (+372) 6802504